Onyx Pharmaceuticals

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Amgen Pharmaceuticals is doing what companies do when they snap up a smaller rival: layoffs and a shutdown. But in this case, Amgen is doing it 19 months after the fact. The biotech giant will cut loose 300 staffers at its oncology subsidiary Onyx Pharmaceuticals and shut down Onyx's building in San Francisco.

Bayer and Onyx Pharmaceuticals' Nexavar has seen a lot of success as a liver cancer treatment, but as an adjuvant therapy for liver cancer, it could be awhile--if ever. On Tuesday, the drug missed its target in a Phase III trial, failing to meet the study's main goal of improving recurrence-free survival.

After closing on its $10 billion Onyx buyout earlier in the week, Amgen has now promoted R&D chief Pablo Cagnoni to the president's office. Cagnoni was only hired back in March but gets about a $3.8 million payday in the deal.

Amgen struck the deal of the summer last month with the $125-per-share buyout of Onyx Pharmaceuticals, and a regulatory document today reports the back-and-forth between the two companies and other parties.

Now that Amgen has wrapped up its deal for Onyx Pharmaceuticals, what will be the fate of Kyprolis, the multiple myeloma drug central to the deal? As goes Kyprolis, in a way, so does the rest of Onyx's operations.

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